Varun Beverages Limited — PPTs, 10-02-2025: Investor Presentation

**Investor Presentation Summary: Varun Beverages Limited**

**Financial Highlights**: Varun Beverages reported a robust performance for CY2024, with consolidated revenues increasing by 24.7% to ₹200,076.5 million. Volumes surged by 23.2% year-over-year, primarily driven by organic growth in India (+11.4%) and new international territories. EBITDA climbed 30.5% to ₹47,110.7 million, translating to a margin improvement to 23.5% despite new market entry costs.

**Strategic Initiatives and Growth Drivers**: The acquisition of BevCo in South Africa and entry into markets like Democratic Republic of Congo (DRC) bolster the company's geographic footprint. Plans for greenfield facilities in India and international regions are underway, alongside the move into snacks manufacturing in collaboration with PepsiCo.

**Business Developments**: Recent expansions include a successful QIP raising ₹75 billion for debt repayment and acquisitions, enhancing financial flexibility. The entrance into the Tanzanian and Ghanaian markets, pending approvals, will further solidify VBL’s international presence.

**Market Position and Competitive Advantage**: As a prominent PepsiCo franchisee, VBL leverages its extensive distribution network, including over 130 depots and 2,800 distributors. The company’s capacity growth (45% increase since CY2022) and strong brand portfolio anchor its market position.

**Investor Implications**: With a net debt-free status and a dividend proposal of ₹0.50 per share, VBL illustrates a commitment to long-term value creation. The strategic acquisitions and operational efficiencies indicate positive growth opportunities, positioning the company favorably for future expansion.